Kajima and Hines, the international real estate company, announce their anticipated joint venture to pursue development projects in the private rental housing sector (“PRS”). The joint venture will pursue opportunities in Warsaw, Krakow, Gdansk and other key Polish cities. The JV follows the recent opening of the Kajima’s office in Warsaw.
Jan Trybulski, Kajima’s Head of Kajima Properties Poland said: “This JV sees two global investors and developers joining forces in one of Europe’s fastest growing economies. Poland has great fundamentals and a thriving PRS sector. We are hugely excited to be combining our strong track record in the country with that of Hines, to deliver an ambitious pipeline of developments.”
Wojciech Rumian, CEO of Hines Poland added: “Hines Poland has experience in both residential projects for sale and for rent. We are watching the development of the PRS sector with great interest. Progressive economic growth, urbanisation and generational changes will drive this sector in the long term. The aim is to provide not only a distinctive product, but a whole range of services that have an impact on the positive experience of future tenants.”
The joint venture plans to start acquiring projects during the second half of 2022, and envisages both pure development projects, value-add projects and redevelopment of existing buildings with a change of use. Kajima and Hines will seek joint solutions for the operational management of the portfolio. The parties were introduced and advised by Krzysztof Cipiur and George Lewis of Knight Frank.
